Bengaluru-based credit card bill payment app CRED has raised $80 million in equity financing led by partners of DST Global along with the participation of Sequoia Capital, Ribbit Capital and Tiger Global, per media reports.
With the latest funding, CRED has attained a valuation of $800 million. The Kunal Shah-led startup was reportedly valued at about $450 million when it had raised $120 million in its Series B round in August last year.
Founded in 2018, CRED rewards users for paying their credit card bills on time in the form of CRED coins which can be redeemed for various products in its online store. It claims to have over 1,300 brands as members, including Samsung, Myntra, Curefit, BookMyShow, and Airbnb.
The company also offers flexible, low-interest, instant loans via its CRED Stash product, and allows members to pay their monthly rents on credit as part of its CRED RentPay service.
CRED has also been aggressive on the marketing efforts over the past few months. It had also won rights to official sponsorship of the recently concluded Indian Premier League (IPL).